For CaixaBank, it is essential to drive the sustainable transition by guiding companies, individuals and society as a whole towards a carbon-neutral economy that promotes sustainable development.
Environmental protection is one of our strategic priorities and we have an Environmental and climate strategy with the aim of contributing to this transition by financing and investing in sustainable projects, managing environmental and climate risk and reducing the direct impact of our operations.
It includes information on our global strategy and governance with regard to climate-related risks and opportunities, as well as data on our greenhouse gas emissions, both operational and from the financing and investment portfolio.
As a founding member of the Net Zero Banking Alliance (NZBA), promoted by the United Nations, at CaixaBank we are committed to being carbon neutral by 2050 and we are working to move the portfolio towards zero greenhouse gas emissions.
To establish intermediate decarbonisation targets for 2030 for our credit portfolio, we have prioritised two of the most intensive CO2 emissions sectors: electricity and oil and gas, that make up approximately 70% of CO2 emissions (according to “World CO2 emissions from IEA ETP 2020 scenario”, 2019).
CaixaBank is committed to reducing the emissions of the electrical sector in our credit portfolio by 30%, from 136 kgCO2e/MWh, the lowest figure reported by Spain's banking sector in 2020, to 95 kgCO2e/MWh by 2030. We will also be reducing the financing metric in oil and gas by 23%, from 26.9 MtCO2e in 2020 to 20.7 MtCO2e by 2030.
|Sector||Scope of emissions||Metric||Scenario||Baseline year (2020)||Target (2030)||Intermediate target (2030)|
|Electricity sector||1||Physical intensity||IEA Net Zero 2050||136 kgCO2e/MWh||-30 %||95 kgCO2e/MWh|
|Oil and Gas||1,2,3||Total emissions financed||IEA Net Zero 2050||26.9 MtCO2e||-23 %||20.7 MtCO2e|
The calculation was done as per the methodology developed by PCAF and described in the "Global GHG Accounting and reporting Standard for the Financial Industry" for the portfolio of loans to large companies (loans to SMEs not included), and for Project Finance, but taking into account the financing granted in the numerator of the calculation of the attribution factor
The "Capital granted" figures combine the information for the loan portfolios of CaixaBank S.A. and Bankia, S.A. as at 31/12/2020. The investment portfolio is not included (fixed income and equities)
The information on emissions and the financial data of the companies that are part of the Bank's portfolio are for the close of 2020
The calculation does not cover those assets for which no financial data from the companies was available, although these exclusions do not account for more than 0.5% of the capital provided to the two sectors
In keeping with our commitment under the NZBA framework, in 2023 and early 2024 CaixaBank is planning to establish concurrent objectives for other sectors that are heavy emitters of greenhouse gases, both in its credit financing and investment portfolios, as well as for subsidiaries with material exposures in these priority sectors.
Financial institutions have a key role to play in achieving the targets of the Paris Agreement and the Sustainable Development Goals, and that is why we implement our commitment directly through our own operations and indirectly through our relationships with clients, investees, business partners and the value chain as a whole.
We are a CDP Climate Change Leader thanks to our contribution to combat climate change on a global scale. CaixaBank is the only Spanish bank on the A List.
At CaixaBank we work with the aim of contributing to the transition to a carbon neutral economy by financing and investing in sustainable projects and supporting the sustainable transition of our customers.
Our commitment to environmental sustainability is set out in our Sustainability Principles and Code of Ethics and Business Principles, and is further developed in our Sustainability strategy.
CaixaBank has also strengthened the sustainability governance framework by adapting the strategy control, oversight and implementation bodies with robust governance on sustainability risks and climate risk management.